Carpenter Technology Co. (NYSE:CRS) Shares Bought by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury grew its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 33.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,428 shares of the basic materials company's stock after acquiring an additional 8,113 shares during the period. State of Tennessee Department of Treasury owned 0.06% of Carpenter Technology worth $5,503,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Kestra Investment Management LLC bought a new stake in Carpenter Technology in the 4th quarter valued at about $25,000. CIBC Private Wealth Group LLC increased its holdings in Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after buying an additional 127 shares during the last quarter. UMB Bank n.a. lifted its stake in Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after purchasing an additional 191 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Carpenter Technology in the 3rd quarter worth about $80,000. Finally, Morse Asset Management Inc purchased a new stake in shares of Carpenter Technology during the third quarter worth $84,000. 92.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. BTIG Research set a $230.00 target price on Carpenter Technology in a research note on Friday, January 31st. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $168.00.

Carpenter Technology Stock Performance

NYSE CRS traded up $8.44 during mid-day trading on Thursday, reaching $204.05. 434,257 shares of the stock were exchanged, compared to its average volume of 751,094. The business's 50 day moving average is $182.95 and its 200-day moving average is $182.36. Carpenter Technology Co. has a 1 year low of $90.26 and a 1 year high of $213.66. The company has a market capitalization of $10.19 billion, a P/E ratio of 38.44, a P/E/G ratio of 0.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. The business had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company's revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 EPS. On average, equities research analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

About Carpenter Technology

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.